香港交易及結算所有限公司及香港聯合交易所有限公司（「 聯交所 」）對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 承董事會命 中國有色礦業有限公司 朱超然及黃敏儀 聯席公司秘書 今年6月底，中國有色礦業有限公司（「本公司」）附屬公司中色非洲礦業有限公司* 的謙比希東南礦體副井井筒內壁破損脫落，致一名人員傷亡。於今年7月23日，本 公司已發佈公告披露有關情況。事發後，本公司高度重視，安排謙比希東南礦體 臨時停產，並組織專家現場檢查評估。經勘察，謙比希東南礦體主、副井因穿過 多個含水層，雖經過帷幕注漿工作治理，但治理前混凝土井壁受到長期沖刷腐蝕， 導致井筒受到不同程度損害，局部開裂。 為了消除安全隱患，保障謙比希東南礦體項目長期安全運行，本公司安排對井筒 井壁開展徹底的修復治理工作，恢復主、副井筒破損段。現場根據井筒受損程度 ...

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has experienced a decline in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Fund Overview - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 13, 2024, the fund's total shares stood at 325 million, with a total asset size of 500 million yuan [1]. - The fund's performance benchmark is the Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Performance Metrics - Year-to-date, the fund has seen a 24.60% decrease in share count and a 2.58% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount reached 484 million yuan, with an average daily trading amount of approximately 24.22 million yuan [1]. - For the year, the cumulative trading amount over 210 trading days was 8.06 billion yuan, with an average daily trading amount of about 38.38 million yuan [1]. Fund Management - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 54.64% during the management period [2]. - The fund's top holdings include China COSCO Shipping, China Nonferrous Mining, China National Offshore Oil, and others, with varying ownership percentages [2].

Core Viewpoint - The Hong Kong copper industry stocks are experiencing significant gains, with multiple companies showing positive price movements in their shares [1] Group 1: Company Performance - Jiangxi Copper Co., Ltd. (00358.HK) increased by 3.26%, reaching HKD 32.92 [1] - Luoyang Molybdenum Co., Ltd. (03993.HK) rose by 3.19%, with shares priced at HKD 17.17 [1] - China Nonferrous Mining Corporation (01258.HK) saw a 3.03% increase, trading at HKD 15.3 [1] - Zijin Mining Group Co., Ltd. (02899.HK) gained 2.58%, with a share price of HKD 33.46 [1]

Group 1 - Copper stocks have shown significant gains, with Jiangxi Copper rising by 3.26% to HKD 32.92, Luoyang Molybdenum up 3.19% to HKD 17.17, China Nonferrous Mining increasing by 3.03% to HKD 15.3, and Zijin Mining up 2.58% to HKD 33.46 [1] - The recent commentary from Nick Timiraos indicates a notable division within the Federal Reserve regarding the threats posed by ongoing inflation versus a sluggish labor market, complicating the outlook for potential interest rate cuts [1] - Despite investor expectations for a possible rate cut in the upcoming Federal Reserve meeting, the internal disagreements have made previously feasible plans more complex [1] Group 2 - The U.S. House of Representatives has passed a temporary funding bill, marking a decisive step towards ending the longest government shutdown in U.S. history, which may reduce macroeconomic risks [2] - The copper market is experiencing a shift due to supply shortages from mining accidents, leading to tighter raw material availability that is now affecting the smelting sector [2] - Current copper prices are supported at the bottom, but breaking through previous highs will require additional positive drivers and significant capital inflow, suggesting a tendency for range-bound trading [2]

Group 1: Copper Industry Performance - Copper stocks are experiencing significant gains, with Jiangxi Copper Co. rising by 3.26% to HKD 32.92, Luoyang Molybdenum Co. increasing by 3.19% to HKD 17.17, China Nonferrous Mining Corp. up by 3.03% to HKD 15.3, and Zijin Mining Group rising by 2.58% to HKD 33.46 [1] Group 2: Economic and Market Context - The U.S. Congress has passed a temporary funding bill, marking a decisive step towards ending the longest government shutdown in U.S. history, which reduces macroeconomic risks [2] - Despite the government shutdown nearing an end, uncertainty in economic data continues to create speculation regarding potential interest rate cuts in December [2] - A recent copper mine accident has led to expectations of raw material shortages, which have been reflected in prior trading, with current prices showing bottom support but requiring additional positive drivers and significant capital inflow for upward movement beyond previous highs [2]

Group 1 - The article discusses the performance and strategic direction of China Nonferrous Mining Corporation Limited, highlighting its growth in production and revenue [1] - The company has reported a significant increase in copper production, reaching 1.2 million tons, which represents a 15% year-on-year growth [1] - The financial results indicate a revenue increase of 20% to 5 billion, driven by higher metal prices and increased sales volume [1] Group 2 - The company is focusing on expanding its operations in overseas markets, particularly in Africa and South America, to diversify its resource base [1] - Strategic investments in technology and sustainable mining practices are being prioritized to enhance operational efficiency and reduce environmental impact [1] - The outlook for the nonferrous metals industry remains positive, with expected demand growth driven by renewable energy and electric vehicle sectors [1]

Group 1 - MSCI announced the results of its index review for November 2025, with 69 stocks added and 64 stocks removed from the global standard index, effective after market close on November 24 [1] - The three largest securities added to the MSCI global index by market capitalization are CoreWeave, Nebius Group, and Insmed [1] - The three largest securities added to the MSCI emerging markets index are Barito Renewables Energy, Zijin Mining International, and GF Securities H-shares [1] Group 2 - In the MSCI China index, 26 Chinese stocks were added while 20 were removed, including resource stocks and technology companies such as China Gold International and Ganfeng Lithium [3][5] - The stocks removed from the MSCI China index include Haige Communication, Dong'e Ejiao, and Hailan Home [3][6] - The MSCI China A-share index added 17 stocks and removed 16, with notable additions including Qianli Technology and Huahong Semiconductor [8] Group 3 - The MSCI China A-share onshore index added 18 stocks and removed 24, with new additions like Baiwei Storage and Shengtun Mining [8][9] - The MSCI China index serves as an important benchmark for global investors for asset allocation and investment analysis, impacting passive fund flows [9][12] - Following the index adjustments, newly added companies are expected to receive increased capital allocation, while removed companies may face passive selling [13] Group 4 - Several foreign institutions have expressed positive views on the Chinese market, with Fidelity Fund favoring emerging markets over developed ones, anticipating more consumer stimulus measures [13] - In contrast, some investors remain cautious due to geopolitical risks and economic slowdown, while others see significant growth potential in the Chinese equity market [13]

Core Insights - MSCI announced changes to its indices on November 6, including the addition of 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - The MSCI China Index will remove 20 stocks, while the MSCI China A-Share Index will remove 16 stocks [1][4] MSCI China Index Changes - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH) among others [1] - Stocks removed from the MSCI China Index include Kaixin Network (002517), Changying Precision (300115), and InvoCare (002837) [1][2] MSCI China A-Share Index Changes - The MSCI China A-Share Index will add companies such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4][6] - Companies removed from the MSCI China A-Share Index include Zhongzhijian (600038.SH), Dong'a Ejiao (000423.SZ), and Guangdian Yuntong (002152.SZ) [4][6] Global Index Changes - The MSCI Global Standard Index (ACWI) will add 69 stocks and remove 64 stocks, with notable additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, significant new additions include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]

Group 1 - MSCI announced the results of the November index review, adding 26 new stocks to the MSCI China Index and 17 new stocks to the MSCI China A-Share Index, effective after the market close on November 24, 2025 [1][4] - New additions to the MSCI China Index include Zijin Mining International (02259), Ganfeng Lithium (01772), and Chipone Technology (688469.SH), while 20 stocks were removed, including Kying Network (002517.SZ) and Changying Precision (300115.SZ) [1][2] - The MSCI China A-Share Index saw the addition of companies such as Qianli Technology (601777.SH) and Dongyangguang (600673.SH), with 16 stocks being removed, including Zhongzhijian (600038.SH) and Dong'a Ejiao (000423.SZ) [4][6] Group 2 - The MSCI Global Standard Index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [6] - In the MSCI Emerging Markets Index, the largest new additions by market capitalization include Barito Renewables Energy, Zijin Mining International, and Guangfa Securities [6]

Core Viewpoint - Copper stocks have risen, driven by news of Glencore's plans to close its smelter and copper refining plant in Quebec, Canada, due to environmental issues and high renovation costs. This is expected to widen the supply-demand gap, leading to higher copper prices in the future [1] Group 1: Market Reaction - Jiangxi Copper (600362) shares increased by 3.42%, reaching HKD 30.88 [1] - China Nonferrous Mining (01258) shares rose by 2.27%, reaching HKD 13.57 [1] - Luoyang Molybdenum (603993) shares gained 1.75%, reaching HKD 15.72 [1] Group 2: Supply and Demand Dynamics - Citic Securities reports that the supply-demand gap for copper is expected to widen, with copper prices potentially reaching new peaks by 2026 [1] - Major copper mining companies experienced a nearly 5% year-on-year decline in production in Q3 2025, with Q4 expected to continue this contraction [1] - Domestic refined copper supply is anticipated to shrink due to raw material shortages and stable demand, leading to a moderate reduction in domestic inventory [1] Group 3: Future Price Projections - The global refined copper supply gap is projected to widen by 50% next year due to low supply and steady demand [1] - LME copper prices are expected to demonstrate upward elasticity, potentially exceeding USD 10,000 per ton [1] - The copper sector is recommended for investment opportunities based on these dynamics [1]